Kincora Engages Geomorphic AI

• Geomorphic AI Engagement: On April 29, 2026, Kincora entered a services agreement with Geomorphic AI Corporation to provide remote geological and data science support for NSW-focused exploration (Fairholme, Trundle, Cundumbul, Cowal East).
• Option Grant: The company issued 150,000 options to Geomorphic AI at an exercise price of C$0.97 per share for a 24-month period.
• Scope: Services include project reviews, 3D geological modeling, QAQC review, and target refinement using proprietary AI platforms.
• Context: This expands an existing relationship following successful initial reviews of the Fairholme project. It coincides with a "traditional" independent geological review being completed by a senior consulting geoscientist.
• Condobolin Drilling: On April 28, 2026 (one day prior), Kincora commenced drilling at the historic Condobolin Mining Field (Meritilga target). This is the first systematic drilling in over a decade, sole-funded by the company with up to eight diamond core holes initially.
• Strategic Narrative: Management emphasizes integrating AI and modern technology to improve efficiency in selecting ground and targets, citing John Holliday's view on AI as "the way of the future."

• Intrinsic Value: The news is incremental operational progress rather than a discovery or major financing event. It validates the company's stated strategy of using technology for capital-efficient exploration but does not immediately de-risk the projects without assay results.
• Dilution Risk: The issuance of 150,000 options to Geomorphic AI adds to the existing dilutive pressure from warrants and placement options (e.g., March 2026 placement options/warrants). While small relative to total shares, it signals continued equity-based compensation for vendors.
• Market Reaction: Despite positive news flow (financing in March, drilling start April 28, AI partnership April 29), the stock price has declined significantly from a high of $1.70 in early March to $0.87 by late April. This suggests the market is skeptical or pricing in execution risk before assay results are released.
• Materiality: The news does not alter the fundamental investment thesis materially but confirms ongoing operational activity. It is expected given previous announcements regarding AI partnerships (Atomionics, Fleet Space).

• Strategy: Portfolio-approach explorer targeting tier-1 gold-rich copper discoveries in Australia (NSW) and Mongolia using systematic exploration and strategic partnerships.
• Flagship Projects:
  • Nevertire/Nevertire South: Porphyry copper-gold projects under earn-in/JV with AngloGold Ashanti (up to A$100M commitment). High priority due to partner funding and management fees.
  • Condobolin: 100% owned epithermal gold/silver/base metals project in the Cobar Basin. Sole-funded drilling program commenced April 2026.
  • Wongarbon: Porphyry target with government grant support ($143k) and Fleet Space AI partnership.
• Jurisdiction: Primarily New South Wales, Australia (Macquarie Arc/Cobar Basin), plus Mongolia assets.